The understanding of cognitive biases plays an important role in psychology and decision-making. Cognitive biases are systematic patterns of deviation from norm or rationality in judgment. A well-known bias is the confirmation bias, where individuals favor information that confirms their preexisting beliefs, leading to poor decision-making and skewed perception of reality.

Another significant bias is the anchoring effect, which occurs when individuals rely too heavily on the first piece of information they encounter. This initial piece of information serves as a reference point and can significantly influence subsequent judgments, even when it is irrelevant.

The implications of these biases extend beyond individual decision-making. In areas such as marketing, politics, and social interactions, an understanding of cognitive biases can inform strategies to engage effectively with others and promote better outcomes.